Ethereum’s native token, Ether (ETH), could reach back to $3,000 in March, backed by a mix of short-term technical, fundamental and on-chain catalysts.

ETH’s price paints “symmetrical triangle”

The first interim bullish outlook for Ether ironically comes from a bearish continuation pattern.

Notably, ETH’s 50%-plus decline from its all-time high of around $4,650 on Dec. 2, 2021, followed up with forming a consolidation channel called a symmetrical triangle. Thus, the Ethereum token has been fluctuating between a falling upper trendline and a rising lower trendline since the beginning of this year.

ETH/USD daily price chart featuring symmetrical triangle. Source: TradingView

ETH/USD last retested the triangle’s lower trendline as support on March 14 near $2,500, following a sharp correction after finding sellers near the 20-day exponential moving average (20-day EMA; the green wave in the chart above).

Since then, ETH’s price has rebounded by as much as 9.26%, closing above the 20-day EMA resistance on March 16 to reach almost $2,750. 

A decisive rebound move, accompanied by a rise in trading volumes, could have Ether eye the triangle’s upper trendline as its next upside target near $3,000.

The Merge 

On March 15, Ethereum developer Tim Beiko announced that they have successfully tested the “Merge” on the Kiln testnet, raising speculations that the protocol would completely switch from proof-of-work to proof-of-stake in Q2/2022. 

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